From Rags to Riches with A Small Business
Everybody dreams and most entrepreneurs dream about turning into the next rags to riches story starting with their small business. In order to run a business successfully, you need to have a perfect ratio of three things:
1. A Dream
2. A Skill Set to Execute that Dream
3. Perseverance to face any and EVERY obstacle in your path
Of course, let us not forget a little dose of luck from the Universe. In order to get that, you will need to work on having a positive mindset.
Along with a motivated mindset before embarking in this quest, you need to analyze yourself, your goals and your needs carefully. The practicality of stepping into a business world and establishing strong roots within the market does not happen without prior planning or overnight. Here are a few things to consider.
Where Do You Stand?
Ask yourself this question and answer honestly. Get an accurate picture of your current financial status in mind. Along with having a bank or an accountant friend give you your financial statement, pen down your own list of income, assets, liabilities, debts and expenses. Know how much money is coming in and how much money is being spent. According to this ratio, you can plan your small business strategy.
Get A Clean and Debt Free Slate
With the pressure of debt breathing down your neck, it is extremely risky to begin a new venture. Your first goal should be to keep yourself debt free. This may feel stressful and even unnecessary at times, but debt is something that will eventually result in downfall in the long run. Having the drive to be “debt-free” adds invaluable experience to your skill set. You will learn how to steer clear off debt and if in case a situation like this arises within your small business, implement effective strategies to manage your debt.
Take Baby Steps-Plan Carefully
Prior planning is essential to the success of a business. Even putting aside $100 every week as business capital is a wise move. You can increase this amount gradually, depending on your profit. Make a list of the goals you want to achieve. Then for each goal, write down the milestones you have to overcome. Add a timeline to its achievement. Simply writing down “I want to be a millionaire” is not the right way to go. Success does not come overnight. Imagining a “lift” for your success will never actually appear, train yourself and prepare yourself to climb the ladder step by step to reach the top.
In today’s business world, there are a number of rags to riches stories to take inspiration from. What all these successful prodigies have in common is the fact that none of them gave up, even when the biggest obstacles came in their path. Your small business may begin from designing simple advertisements for companies online, but maybe, if you stick to it and work hard, you may end up with your very own agency! The sky is the limit when it comes to starting a small business venture. My advice to you is to invest in your talents! If you need more assistance, feel free to contact me on (330)552-8915 and I will be happy to be of assistance!